Wednesday, June 22, 2011
America's largest newspaper publisher lays off 700 workers
Michael Liedke, AP business writer, reports to the Boston Globe that 700 unfortunates in the newspaper business are looking for new jobs.
Newspaper publisher Gannett Co. -- the largest newspaper business in the U.S., which owns 82 newspapers, including The Indianapolis Star and the Courier-Journal of Louisville, Kentucky, and USA Today -- has announced the largest single string of lay-offs in its history.
Like most newspaper publishers, Gannett has been hurt by the technological revolution, which has sent readers to the so-easily accessible internet.
The company's annual revenue had fallen by more than two billion dollars, or 30% of revenue, since the Great Recession started to bite in 2006.
Since then, Gannett has reduced its work force by 20,000 employees.
That's a lot of people. Apparently, up to now, they were laid off in dribs and drabs.